Currency trading

[asufan550]

My dad just got out of a bankruptcy, was able to get everything relative to that paid off and now has some money left over from a refinance. Against the wishes of pretty much everyone in the family he went ahead and spent close to 4k on a "kit" to do this from some company that hosted an informative meeting or something the other night. From what i hear these things can be a decent money maker but some of it seems a little too good to be true. I'm sure there are people here who know alot more about it than i do and any info or insights would be greatly appreciated.
I realize i'm making my dad seem kind of like an unintelligent deadbeat but he's been paying out the ass the last couple of years and is finally out from under everything and bought into this program. I have no basis for not wanting him to do it other than it just sounds sketchy. Thanks in advance everyone.

 

[TheFalls]

Don't let him do it. It is the most biggest, most manipulated and liquid market in the world.

World govts play in this market. He will get too leveraged and get blown out.

 

[asufan550]

Thanks for the input. Any other specifics or anything? Any web sites i can look at? everything i find is an advertisement of some sort.

 

[gbogo]

first tell him to get a refund on his kit he bought - that will be worthless

then next go to

www.global-view.com --- traders chat forum/ tonnes of learning material

sign up at saxobank get a free demo account and learn to use that system and read the bank analysis

then go to a really good library and get out some technical analysis books and study that

if you dont have a strong finance background to understand how the economic numbers drive trading then you will need to have a very good technical basis to trade from


professional trading systems (automated) will work but the ones sold to retail people are toys at best

goodluck and the advice about leverage is very good, it can be your friend but it can also take all your money

 

[heart222]

a chart is a chart is a chart. it dosent matter if it is currencys,eminis grains whatever. if your trading technically its all the same. SSI uses a 13 pt system in the minis everyonce in a while you catch a big move and you fight the rest of the time to break even. sort of like gambling stay even and catch an occasional hot streak.
few friends of mine pros trade currencys from either long term 40-50 day moving averages or else they use a 5/25 moving average crossover system. remember any movingaverage system or MACD is always behine you dont get the top or the bottom but you hope to get a piece of the pie. just some thoughts on trading. heart222